Bollinger band reading : pullback correction upside biased.
MACD Histrogram : turned lower, buyer taking profit.
Support : 3150, 3100, 3070, 3050, 3020 level.
Resistance : 3200, 3250, 3270, 3300 level.
Comment :
FCPO closed recorded small loss with higher volume traded while overnight soy oil closed higher and currently trading firmer while crude oil price pulling back lower.
Better export data release by both cargo surveyor triggered FCPO price to test new high 4 month high with some profit taking activities kick in.
Daily chart formed a down doji bar candle closed below upper Bollinger band level after market opened unchanged, eased lower and surge upward tested above 3200 resistance level before fall lower into negative zone and trade range bound to closed off the low of the day.
Chart study revised to suggesting a pullback correction taking place upside biased market development testing support and resistance.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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